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Russian state eyes up clean tech

A new fund could help one oil-rich, emerging economy take its first steps towards a sustainable future. The Europe-Tatarstan Clean Tech Fund (ETCF), launched by Tatarstan, a Republic of the Russian Federation, and Wemuth Asset Management (WAM), has completed its first investment stage, with more than €100 million to put into clean technology developed in Europe.

The launch, witnessed in a show of German–Russian cooperation by Russian Prime Minister, Dmitry Medvedev and German Chancellor, Angela Merkel, could help to modernise Russia’s economy over the next decade.

The fund will focus investment on companies offering technology of relevance to the region, including lithium-ion battery production for electric cars, and the growing and refining of biofuels. Projects will typically be in the €5–€25 million range, with a six year investment period and a four year wind-down period. Targeted returns are 35 per cent per annum.

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